American Century Companies Inc. Has $205.33 Million Position in Targa Resources, Inc. $TRGP

Key Points

• American Century Companies Inc. has increased its stake in Targa Resources, Inc. by 5.1%, now holding approximately 1,024,253 shares valued at $205.33 million.
• Targa Resources recently announced a significant increase in its quarterly dividend, raising it from $0.12 to $1.00 per share, resulting in a yield of 2.4%.
• Analysts maintain a generally positive outlook on Targa Resources, with the majority (thirteen) issuing a buy rating and a consensus price target of $209.21 for the stock.

American Century Companies Inc. grew its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 5.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,024,253 shares of the pipeline company's stock after acquiring an additional 49,965 shares during the period. American Century Companies Inc. owned about 0.47% of Targa Resources worth $205,332,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Cornerstone Planning Group LLC lifted its stake in shares of Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after buying an additional 110 shares during the last quarter. Ameriflex Group Inc. acquired a new stake in shares of Targa Resources during the 4th quarter worth about $31,000. Colonial Trust Co SC lifted its stake in shares of Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after buying an additional 162 shares during the last quarter. Cary Street Partners Financial LLC acquired a new stake in shares of Targa Resources during the 4th quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in shares of Targa Resources during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TRGP. Wells Fargo & Company restated an "overweight" rating and set a $205.00 target price (up previously from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Mizuho set a $212.00 target price on shares of Targa Resources and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. Citigroup cut their target price on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. UBS Group dropped their price objective on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. Finally, Cfra Research upgraded shares of Targa Resources to a "hold" rating in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $209.21.

Targa Resources Stock Performance

Targa Resources stock traded up $0.2940 during midday trading on Thursday, hitting $163.1640. The company's stock had a trading volume of 400,036 shares, compared to its average volume of 1,862,574. The company has a 50-day moving average price of $168.30 and a two-hundred day moving average price of $176.13. The company has a market cap of $35.11 billion, a price-to-earnings ratio of 23.07, a PEG ratio of 1.01 and a beta of 1.12. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources, Inc. has a 1-year low of $142.11 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion during the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. As a group, sell-side analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Thursday, July 31st. This is a boost from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is presently 56.58%.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.